Fitch affirms Kernel Holdings S.A. at 'B'
2012-02-09 13:39:46
Fitch Ratings has affirmed Luxembourg-based Kernel Holding S.A.'s (Kernel) Long-term foreign and local currency Issuer Default Ratings (IDRs) at 'B' and 'B+', respectively, Fitch's press service has reported.
Fitch has also affirmed Kernel's National Long-term rating of 'AA+'(ukr). The Outlooks for the Long-term IDRs and National Long-term rating are Stable.
"The affirmation reflects Kernel's leadership positions in fairly consolidated industries of operations, high degree of vertical integration, its conservative approach to managing price risk and adequate matching between debt and sales/profits by currency. Additionally, the group's moderate financial leverage and strong liquidity backed by an improvement in the debt maturity profile also supports the current ratings," reads the statement.
As reported, Kernel's net profit in the first quarter of the fiscal year 2012 (ended on September 30, 2011) shrank by 5.8% compared to the same period in the fiscal year 2011, to USD 31.98 million.
Kernel Group (such brands as Shchedry Dar, Stozhar, Chumak Domashnia, Chumak Zolota, Liubonka) is one of the largest sunflower oil producers in Ukraine.